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PROBLEM 1 (10 points) Assume the following pension data for year 2019: Service cost $90,000 Contribution $105,000 Actual return $64,000 Benefits $40,000 Plan assets 1/1/19 $640,000 PBO 1/1/19 $800,000 Interest rate 10% Compute pension expense
PROBLEM 1 (10 points)
Assume the following pension data for year 2019:
Service cost $90,000
Contribution $105,000
Actual return $64,000
Benefits $40,000
Plan assets 1/1/19 $640,000
PBO 1/1/19 $800,000
Interest rate 10%
Compute pension expense. Prepare the journal entry for pension expense only.
Show all computations. Hint: not all data above are needed for this question.
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